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HSBC claims it is a victim of a $75m (£46m) fraud by Hassan Nemazee, a top fundraiser for President Obama who was arrested last month, accused of defrauding Citigroup.

According to a lawsuit filed by HSBC, Nemazee borrowed money by pledging collateral that could not be traced. He then used the funds to repay a loan to Citi. By the time he received the loan he was already being questioned by the FBI over allegations by Citi, also related to pledging false collateral for loans.

Dragon Oil ultimatum

DRAGON OIL, the £2 billion oil explorer, will request a "put up or shut up" bid from the Irish Takeover Panel within the next 10 days if Emirates National Oil Company does not come forward with a takeover offer. It owns 52% of Dragon and said in June that it was considering a bid for the remaining